Declared bankrupt and completely lost and empty

DerekW

Hi all.

First I just want to say a big thank you to you all for putting into words that Joe Bloggs could understand your experiences of bankruptcy, this morning has been an enlightening read of the boards.

Yesterday I had bankruptcy enforced upon me - I seem to be in a bit of a different situation to many of you on here that have seemingly taken the decision to self declare.

I didn't want it to happen to me, I had just begun to get back on track after a few periods of unemployment, I had a DMP set up with CCCS and all but one of my creditors agreed to it. I would have quite happily stumbled along for the next seven years cutting my cloth accordingly until I had paid off my outstanding debts, or sold my house and paid them off with equity.

Unfortunately for a measly four grand my creditor decided to go ahead and press for the bankruptcy charge, despite me offering to have a charge put against my property until the sale went through on top of my DMP monthly payments, alas it was all to no avail.

I don't really know what I want to ask or say really, I just feel so empty and embarrassed by the whole situation.

What happens to me next I suppose is the big question. Will I be forced out of my house within weeks/ months?

I am relatively newly married and all the debts were incurred in my name a long time ago - I just managed to juggle them for a number of years until redundancy struck twice in two years. Will my bankruptcy affect my wifes assets (none are in joint names)?

Will my bank account be closed? Can I remove the monies in there to make sure that I have enough to live and get to and from work?

What will happen to my stuff - you know, furniture, clothes, cds, dvds, tools.

Who do I need to inform?

I am absolutely and completely lost - I didn't think it would happen to me after making some great strides in trying to sort things out with regards to getting back into a relatively secure job and setting up the DMP.

I have tried ringing the OR about ten times today but can't get through.

I just feel like wanting to go to bed and curling up and dying, it feels like an absolute catastrophe to me.

Can anyone help with some advice?

kerrypn

DerekW wrote: »

Hi all.

First I just want to say a big thank you to you all for putting into words that Joe Bloggs could understand your experiences of bankruptcy, this morning has been an enlightening read of the boards.

Yesterday I had bankruptcy enforced upon me - I seem to be in a bit of a different situation to many of you on here that have seemingly taken the decision to self declare.

I didn't want it to happen to me, I had just begun to get back on track after a few periods of unemployment, I had a DMP set up with CCCS and all but one of my creditors agreed to it. I would have quite happily stumbled along for the next seven years cutting my cloth accordingly until I had paid off my outstanding debts, or sold my house and paid them off with equity.

Unfortunately for a measly four grand my creditor decided to go ahead and press for the bankruptcy charge, despite me offering to have a charge put against my property until the sale went through on top of my DMP monthly payments, alas it was all to no avail.

I don't really know what I want to ask or say really, I just feel so empty and embarrassed by the whole situation. Dont be embarrassed or ashamed. You did try to repay the debt.

What happens to me next I suppose is the big question. Will I be forced out of my house within weeks/ months? Are you already selling the property? If so you will quite likely be allowed to proceed as planned, but any equity will be of interest to the Official Receiver.

I am relatively newly married and all the debts were incurred in my name a long time ago - I just managed to juggle them for a number of years until redundancy struck twice in two years. Will my bankruptcy affect my wifes assets (none are in joint names)?No, only your assets are considered.

Will my bank account be closed? Can I remove the monies in there to make sure that I have enough to live and get to and from work?Most bank accounts will be closed after Bankruptcy. Both Barclays and co op offer accounts suitable for bankrupts. Ask your OR before removing large funds. day to day living expenses should be fine.

What will happen to my stuff - you know, furniture, clothes, cds, dvds, tools. Assets worth over £1000 and all cars must be declared and the OR may take an interest in them. Otherwise, you will be able to keep them.

Who do I need to inform? Possibly your work, otherwise the OR will contact anyone needed

I am absolutely and completely lost - I didn't think it would happen to me after making some great strides in trying to sort things out with regards to getting back into a relatively secure job and setting up the DMP.

I have tried ringing the OR about ten times today but can't get through.Be patient, they will be in touch

I just feel like wanting to go to bed and curling up and dying, it feels like an absolute catastrophe to me.
Things can and will get better
Can anyone help with some advice?

See the stickies at the top of the forum and www.insolvency.gov.uk for more info. Keep posting, it will help.

HTH

nervousmother

Hopefully someone can give you more advice than i can, i am at work at the moment you see but couldnt leave you..
Open a basic account with either barclays or the co-op they are the only two banks that deal with BR's.

All your personal possessions will be ok, the official receiver is only interested in anything of value like house and car (if you need a car for work thats ok as long as its worth 2k or less)
everything else in your house is safe.. as long as its not a house full of antiques!
Things are not as bad as they seem to be today, you can and will get through it.. ill speak more later x

DerekW

Thanks both for your replies, much appreciated. Am having a bit of a cry at the moment as on top of yesterdays events I also have swine flu and am feeling completely at my lowest ever ebb.

So, to bank accounts. I have already set up and use a Co-Op Cashminder account when I set up my DMP and I really don't like Barclays. Would it be possible to set up another account with the Co-Op?

Thanks again for your help.

kerrypn

I think it is the cashminder that is suitable for BR anyway, so this should be OK for you. You need to tell your OR that you use this account for day to day expenses and hopefully should not freeze it.

Try not to get too down in the dumps. BR is tough, but its a fresh start....and at least you shouldnt get swine flu again hope you feel better soon

scot88

Sorry I can't offer any advice but don't feel ashamed or embarrassed ,you did your best. You will always get help and support on here so use this to get it off your chest no matter how you think others will view it. We have all been there in some shape or other. I was declared BR (my choice) a week ago and for me it is a huge relief, so try to think of how it will feel not to struggle and worry.

confused76

you've already had really good advice. i just wanted to say that you've tried your best, circumstances have been out of your control so please don't beat yourself up over it. you couldn't have done any more x

fool_with_a_pen_75

if it is a help I too was made bankrupt, guarantees long story however in re to co op account if it is a cashminder, give them a call, mine was not actually frozen at all. The OR said he would not freeze it and co op said the same as it was BR friendly account. So you should be able to use it in the normal manner (my dd's etc have been paid in the last week) However I would suggest that you contact your OR when you can get through just to get their ok that you can continue to draw living money etc.

Sure someone more in the know will be along shortly.

Try and find a smile and do not worry about it all we are all in the same boat one way or another and here to help each other.

DerekW

We have nothing in joint names other than a massive gas bill arrears.

I only have my cashminder account and a Nat-West savings account with a fiver in which has remained untouched for twenty years, although I have managed to scrape together a few hundred quid with redistributing bills to the good ladys account to enable the DMP to begin to function. This of course has now been cancelled and Decembers payments will be refunded to me - though I do owe this to the wife for paying my first installment due to the strange fortnightly way I get paid.

I think that the thing that is galling us, and particularly me, the most, is that the house we live in is my family home. I have lived here since returning to the UK when I was 6 in the seventies an there is so much emotional attachment to the place. It is no longer my decision as far as I can tell about when it will be time to go, although the house is up for sale.

Another problem that I have is that I work away from home a lot. I need to have access to funds to be able to eat, use the tube to get to and from etc.

So many questions. Sorry.

out_of_cash

THE GAS BILL SHOULD BE WIPED OUT BY THE BANKRUPTCY sorry about the caps

and good luck

philnicandamy

sadly out of cash it wont...as the OP states in post #10 the only joint debts he had is a gas bill (he'll be able to include it in the BR but the debt will then fall to the person NOT bankrupt)....

derek i'll not repeat some of the superb advice you've already had...I did feel like you for a long time what with poor health and the loss of a job in the end I decided on bankruptcy as a way out....3yrs later its still the best clean slate I needed its given me chance to move on with life now..and look forward to the birth of our first child

I will echo what others have said though....you need to sort a basic account quickly